As prices continue to soar across the economy, consumer group CHOICE is launching a new campaign calling on the Federal Government to ban price gouging whenever and wherever it happens. 

“With global disruptions causing prices to skyrocket, now is the time for a national, economy-wide price gouging ban,” said Morgan Campbell, Head of Policy at CHOICE: 

“We’re really glad the Government has doubled the penalties for false and misleading conduct and cartel conduct, but we still don’t have a law that specifically bans price gouging.”

Mr Campbell noted it’s illegal to use market power to keep prices artificially low, but no law that says it’s illegal to use that same market power to keep prices artificially high.

“This won’t be the last time we see disruption and sudden price hikes,” he said. “We need new price gouging protections for the situation we’re in right now, but also for the next one and the one after that.”

The European Union already has a law banning excessive prices, and more than half the states of America have some sort of law banning price gouging during times of emergency or market disruption.

In February 2024, the Australian Council of Trade Unions published an 80 page report calling for a price gouging ban, written by former ACCC Chair Allan Fels.